Author: Albert Savana

The African Development Bank has responded swiftly to the needs of its member countries during the ongoing COVID-19 pandemic. The Bank’s operations have continued to run smoothly since the first cases appeared in early March, despite the wide range of lockdowns and measures imposed by governments to flatten the curve. The COVID-19 pandemic is forecast to cause Africa’s GDP to drop by between $22.1 billion and $88.3 billion. African countries, with the experience of having fought off Ebola, are working to adapt to this new threat and looking to the Bank for an effective, multilateral response to the crisis. As…

New York, June 12, 2020 — Moody’s Investors Service (“Moody’s”) has today placed the Government of Senegal’s Ba3 foreign and local currency issuer ratings and its foreign-currency senior unsecured ratings on review for downgrade. Concomitantly, Moody’s has affirmed Senegal’s Not Prime (NP) short-term foreign-currency and local-currency issuer ratings.

The African Development Bank has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the COVID-19 crisis through a raft of immediate and longer-term measures. The Feed Africa Response to COVID-19 (FAREC) paves the way for a comprehensive intervention to build resilience, sustainability and regional self-sufficiency in Africa’s food systems and help farmers cope with coronavirus-related disruptions to the agricultural value chain. “The Bank’s response to support the agriculture sector lays out specific measures aimed at addressing challenges faced by African countries across all aspects of the agriculture sector. Africa…

The Canadian mortgage banking specialist confirms its commitment to the African banking market, with the successful closing of the NBM Bank acquisition in Mauritania.  Westbridge Mortgage has closed on the acquisition of the 217-employees, 27-branch bank in Nouakchott, Mauritania, a country on the cusp of unpreceded growth, led by the coming development of one of the largest LNG gas projects on the Continent.  During their months of long due diligence in Mauritania, executives and board members from Westbridge have met with Government officials and Banking Supervision authorities at the Central Bank of Mauritania (BCM). From the BCM’s perspective, “The setting-up…

Afreximbank is teaming up with ITC to train small-business owners and young entrepreneurs in Africa to trade with other African countries as part of the new African Continental Free Trade Area (AfCFTA). The training programme, How to Export within the AfCFTA, is being launched as the new free-trade area comes on stream and amid the economic strain of climate change and the coronavirus pandemic. The training will give business owners the knowledge and skills they need to engage effectively in cross-border trade under terms of the emerging free-trade area for Africa. Intra-African trade is structurally low at 15% (compared to…

Beyontec, a leading global provider of insurance technology solutions, announced today that it had been selected by the Insurance Association of Rwanda (ASSAR) to implement a digital ecosystem of different platform solutions for the insurance industry in Rwanda. Founded in 1992, ASSAR has been at the forefront of driving rapid transformation across the regional insurance markets in Rwanda. Through this partnership, Beyontec will assist ASSAR to accomplish its vision of synergizing and empowering the insurers and other constituents to seamlessly interact and promote business with each other while delivering consistent customer experiences. Beyontec and ASSAR collaborated to undertake few transformational…

During the current crisis of COVID-19 pandemic, some sectors like health and Information & Communications Technology (ICT) are experiencing unprecedented demand. According to ICT experts, this crisis heightened the need for African countries to increase their investments in ICT infrastructure, policies and solutions and to accelerate their efforts in tapping into the new possibilities unlocked by digitalization. Jean-Paul Adam, Director of Climate Change, Natural Resource Management and Technology at the UN Economic Commission for Africa (ECA) told the participants at a webinar that while COVID-19 disrupted our normal way of doing things, it has also brought some opportunities. Adam was speaking in a…

The 4th technological and industrial revolution is transforming the world, and the Covid-19 pandemic accelerated exponentially this transformation. This crisis is the tipping point of a new economy: more human, more inclusive, greener, and resolutely technological. Startups worldwide played a crucial role in providing concrete solutions to the hundreds of millions of people fighting the crisis and the billions confined people. The startups will play a vital role to restart and stimulate the economy, but also to reinvent our world. To contribute to the spur of new solutions for the continent, HSEVEN, Africa’s largest startups accelerator, is launching “Rise-Up”, “Re-Start”…

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Tuesday, 19th May, 2020, launched the GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme, which is being provided by Government and selected participating banks to micro, small and medium-scale businesses around the country. Launching the Scheme at Jubilee House, the seat of the nation’s presidency, President Akufo-Addo explained that the outbreak of the Coronavirus pandemic has had a devastating impact on all economies around the world, with reduced productivity, job losses, and steep decline in revenues for Government, businesses, households and individuals in Ghana. Amongst the hardest hit in Ghana,…

The Public Investment Corporation (PIC), on behalf of its client, the Government Employees Pension Fund (GEPF) of South Africa, has acquired a 13% stake in Aradei Capital for USD 50 million. Aradei Capital is a real estate platform headquartered in Morocco that specializes in commercial real estate assets. It has a presence in 15 cities across Morocco. Through this investment, the PIC joins other reputable investors in Aradei Capital that include the European Bank for Reconstruction and Development (EBRD), Label’Vie (LBV), a leading food retailer and franchisee of the Carrefour brand in Morocco, SANAM Holding and Best Financière which has…

The United Nations Economic Commission for Africa (ECA) on Monday convened a meeting between African Finance Ministers, the Africa Private Sector Working Group and the African Union (AU) Special Envoy on COVID-19 as the search continues for solutions to ensure African economies enjoy continued market access and meet their private sector debt service obligations. The meeting aimed at finding new financing solutions to provide additional resources for countries to mitigate the impact of the ongoing COVID-19 pandemic and ways to improve the profile and terms of Africa’s commercial debt obligations so that Africa can better confront the health crisis. The…

Asafo & Co. and Lawtons Africa are pleased to announce their landmark agreement to join forces. The tie-up both significantly strengthens Asafo & Co.’s presence in South Africa where the combined South African teams will comprise 70 legal professionals, and expands Lawtons Africa’s geographic reach across the African continent. In joining forces, Asafo & Co. and Lawtons Africa are transforming the African legal services landscape by creating a unique service offering dedicated to providing top tier legal services on a truly Pan-African basis. The transaction will result in a  combined team of 180  lawyers and legal professionals  across  6 Asafo…

The African Export-Import Bank (Afreximbank) vaulted market uncertainties caused by COVID-19 pandemic to successfully conclude a dual-currency Syndicated Loan, raising the equivalent of US$907.5 million, comprised of two tranches of US$485 million and EUR390.4 million. Proceeds will be used for general corporate activities, and will strengthen the Bank’s liquidity position as it implements its US$3 billion Pandemic Trade Impact Mitigation Facility (PATIMFA). Emirates NBD Capital Limited, MUFG Bank Ltd and Standard Chartered Bank acted as joint Global Coordinators, Initial Mandated Lead Arrangers and Bookrunners for the Facility. MUFG Bank Ltd also acted as Documentation Agent and Standard Chartered Bank as Facility Agent. Launched on 9…

“We are calling for a second independence.” (released April 29, 2020) The threats that are hanging over the African continent with regards to the spread of COVID-19 demand our individual and collective attention. The situation is critical. Yet this is not about mitigating another ‘African’ humanitarian crisis but to diffuse the potentially damaging effects of a virus that has shaken the global order and put under question the bases of our living-together. The coronavirus pandemic lays bare that which well-to-do middle classes in African cities have thus far refused to confront. In the past 10 years, various media, intellectuals, politicians…

The African Development Bank blacklists Entreprise de Travaux et d’Etudes de Projets (ETEP) SA for 13 months for engaging in various fraudulent practices in Mali and Guinea The African Development Bank Group, today, announced a decision by its Sanctions Appeals Board imposing a 13-month debarment on Entreprise de Travaux et d’Etudes de Projets (ETEP) SA, a civil engineering company registered in Tunisia, for engaging in sanctionable practices. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that ETEP engaged in a variety of fraudulent practices while bidding for construction contracts under the Bank-financed Road Development and Transport…

Bolloré Transport & Logistics has launched on 7 May 2020 a rail service for export cargo from Mombasa to Uganda through the Naivasha ICD in a bid to reduce the spread of Covid-19. The first train loaded with 64 TEUs of cargo consigned to clients of Bolloré Transport & Logistics was received at Naivasha ICD. By using the rail to transport cargo up to Naivasha, the company hopes to reduce exposure of long-distance drivers to the virus, while also protecting the populations living in numerous roadside towns frequently used as truck stops along the A104 highway between Mombasa and Naivasha.…

Due to the COVID-19 Pandemic, the African Export-Import Bank (Afreximbank) has made the decision to cancel the series of events which were set around its 27th Annual General Meeting and to hold the Shareholders’ meeting by correspondence. Afreximbank President Prof. Benedict Oramah said that the decision to hold the Shareholders’ meeting by correspondence was made after careful consideration of all available options to ensure the Bank complies with its governance requirements. He announced that the seminars component of the 27th Annual Meetings, which were expected to be held from 10 to 13 June 2020 in Sharm El Sheikh, Egypt, were…

Casablanca Finance City (CFC) and Rwanda Finance Limited (RFL) have signed a memorandum of understanding to promote investment opportunities between Rwanda, Morocco and Africa, and reinforce long-term cooperation between the two countries. The agreement between CFC and RFL will provide a platform for promoting best practices, through which CFC will support the development of Kigali International Financial Center (KIFC). Since the 2016 state visits between President Paul Kagame and King Mohammed VI, bilateral relations between the two countries have known a major turning point. Numerous strategic partnerships have been concluded in key areas, among which, the agreement to avoid double…

In light of the COVID-19 pandemic, the African Export-Import Bank (Afreximbank), the African Union (AU) and the Government of Rwanda have decided to postpone by one year the second Intra-African Trade Fair (IATF2020) initially set to take place from 1 to 7 September 2020 in Kigali, Rwanda. This decision was endorsed by the IATF2020 Advisory Council during its sixth meeting held virtually on 26 April 2020, after careful assessment of the situation. Organised by Afreximbank in collaboration with the AU, the second IATF will still be hosted by the Government of Rwanda and is now scheduled to take place from…

The government of Kenya through Konza Technopolis Development Authority (KoTDA), has partnered with the Association of Countrywide Innovation Hubs, private sector, academia, non-governmental organizations, and the United Nations Development Program (UNDP), to launch the Great Covid-19 Innovation challenge. Konza Technopolis, a State Corporation under the Ministry of Information Communication Technology and youth affairs (ICT & Youth Affairs) has convened multiple stakeholders to co-create technology-based solutions, by harnessing the creativity and innovative capabilities of Kenyans and Africans towards the challenges emerging from COVID19. Eng. John Tanui, the Chief Executive officer KoTDA, said that “KoTDA is honored to lead this Great Challenge, which…

US Loans, Debt and Credit Score Statistics – Full Report 2020 Data gathered by Learnbonds.com indicates the United States household debt per capita is set to exceed the $43,000 mark. According to the data, by the end of the fourth quarter of 2019, the debt stood at $42,935, representing an all-time high figure. Household debt hits all-time high The data indicates that the total household debt has been increasing steadily to stand at $14.15 trillion. The last time the debt was significantly high was in the wake of the great recession in the third quarter of 2008 when it was…

Dutch entrepreneurial development bank (FMO) and the Eastern and Southern African Trade and Development Bank (TDB) today signed a 12-year export finance loan program of EUR 40 million destined for financing the acquisition of Dutch sourced capital goods. The aim of this program is to enable African enterprises to procure Dutch goods and services at attractive funding conditions. The EUR 40 million program, in collaboration with Atradius DSB (the Dutch Export Credit Agency), will be used to facilitate commercial activities between Dutch exporters and local importing enterprises active in the region TDB serves. The program aims to support the economic…

Papa Chimère Diop joined ACT Afrique as Director in charge of Business Development, based in Dakar in Senegal. He will put his experience in the fields of finance and management at the service of society as well as his wide network of contacts. Chimère will strengthen the origins of ACT Afrique, which aims to become one of the main consulting firms on the continent. ACT Afrique thus acquires an additional asset to achieve its objective. Before joining ACT Afrique, Chimère headed the Delta-Sigma project development and intermediation firm in Senegal. At Cabinet Delta-Sigma, he notably participated in the project to…

The African Export-Import Bank (Afreximbank) has announced a $3-million grant to complement continental efforts to combat the COVID-19 pandemic. Afreximbank President Prof. Benedict Oramah, who made the announcement in Cairo, said that the grant was in response to a request by African heads of state, through the auspices of the African Union Chair Person, Cyril Ramaphosa, President of South Africa, for the mobilisation of resources to address the pandemic. He said that a significant proportion of the grant would go to the COVID-19 Special Fund set up by the African Union (AU) as well as to the African Center for Disease Control…

As part of the plan to modernise the activities of the container terminal, Conakry Terminal, a subsidiary of Bolloré Ports, took delivery of four RTG gantries on Friday 3 April 2020. The new investment will enable the Guinean supply chain to increase the productivity of the terminal with a view to bolstering the country’s competitiveness and boosting trade.  Built by Konecranes, a lifting equipment manufacturer, the four gantry cranes were designed specifically for handling containers at port terminals. They were successfully received by the Conakry Terminal teams. With a lifting capacity of 40 tonnes each, the ultra-modern gantries will improve…

African Development Bank Group President Akinwumi Adesina says an accelerated global health and economic effort is needed to overcome the COVID-19 pandemic in Africa. Stating that “one death is one too many” and that “our collective humanity is at stake,” Adesina urged U.S. and African government officials and corporate executives to forge new and sustainable partnerships that would endure beyond the pandemic. He made the call during a global Corporate Council on Africa (CCA) webinar. The CCA is a leading U.S. business association that promotes business and investment between the United States and Africa. Urging participants to be their brother’s and sister’s…

In recognition of its outstanding contribution to international trade on the African continent, the Eastern and Southern African Trade and Development Bank (TDB) has been awarded “Best Trade Financier in Africa” by Trade Finance Global (TFG).  As several major international correspondent banks have retreated from African markets, TDB has doubled-down and deepened its expertise in addressing intra and extra-regional trade financing gaps. TDB has provided USD billions in this space in recent years, bridging shortages and assisting with foreign exchange challenges in the region, particularly for strategic and vital commodity imports into Member States. With total assets of $6.7bn, trade…

According to the Economic Community of West African States (ECOWAS), the impact of the coronavirus pandemic could increase the number of people at risk of a food insecurity and malnutrition from 17 million to 50 million people between June and August 2020.  As Ramadan begins this week, eight regional and international organizations warn of the impact of the coronavirus combined with the lean season and conflict and insecurity, which will stretch the West Africa population in a period of fasting and sharing for some.  Food workers are struggling to continue their activities and see their livelihoods threatened.  Measures must be…

The Economic Commission for Africa (ECA), in a new report on the coronavirus pandemic, says over 300,000 Africans could lose their lives due to COVID-19. This, as the pandemic continues to impact on the Continent’s struggling economies whose growth is expected to slow down from 3.2 percent to 1.8 percent in a best-case scenario, pushing close to 27 million people into extreme poverty. The Report, which will be launched virtually on the 17th of April and is titled, COVID-19: Protecting African Lives and Economies says Africa’s fragile health systems could see additional costs being imposed on them because of the growing crisis that…

The African Export-Import Bank (Afreximbank) today in Cairo released its audited financial statements for the year ended 31 December 2019, showing strong and consistent growth, with total comprehensive income of $324.2 million. The results, which reflected a net income of $313.3 million, 14.3 per cent increase over the 2018 performance of $275.9 million, were achieved mainly due to higher operating income of $622.5 million compared to $489.8 million in 2018. Afreximbank’s total assets grew by 7.6 per cent from $13.42 billion on 31 December 2018 to $14.44 billion as at 31 December 2019, explained mainly by the solid growth in net…